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BiggerPockets Daily
1385 - 4 Tips for Managing Long-Distance Turnkey Rentals Without Cutting Corners by Zach Lemaster
Jul 30, 2024
Zach Lemaster, an expert in turnkey property investing, shares valuable insights on managing remote real estate investments. He emphasizes the importance of understanding the market and performing thorough due diligence. Zach also discusses the challenges of overseeing properties from a distance and offers four key strategies for effective collaboration with turnkey companies. By following his tips, investors can successfully navigate long-distance rentals and enhance their investment performance.
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Quick takeaways
- Thorough research into local laws and market stability is essential for successful long-distance turnkey property investments.
- Selecting a reputable turnkey company can significantly impact investment success by providing crucial resources and reliable tenant management support.
Deep dives
Understanding Market Differences
Investing in turnkey properties requires a nuanced understanding of various real estate markets. It is essential to avoid simply choosing locations based on their popularity or perceived status as 'hot' markets. For instance, while Florida may seem like an attractive investment due to its growing population, factors such as a housing crisis with high insurance costs could significantly impact profitability. Therefore, investors should prioritize their goals and strategies to find locations that align with their objectives, ensuring thorough research into local laws, economic performance, and market stability.
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